Mortgage Loan
In human life cycle there is always requirement of financial assistance to fulfill his/her various financial needs. It may be for Business Expansion, or for a special family function or planning for children higher education overseas or for further investments.
Here our CITO Nidhi will provide one point financial solution for all your needs with Loan against property / Mortgage Loan scheme.
Our multipurpose loan comes with an attractive interest rate, easy repayment options with highest LTV on your property. Expand your horizons of growth with CITO Nidhi’s Mortgage Loan scheme
Features and Benefits
- Can be opened by all individuals including Minors under Guardianship
- Minimum deposit amount can be invested from Rs 500/- and in multiples of Rs 100/-.
- Deposit period ranges from 12 months to 60 months
- For Women Depositors 0.50% and for Senior Citizen Depositors 0.75% Extra interest on above rates
- Nomination Facility Available, Loan Facility Available.
- Pre-Mature Closure is allowed, subject to applicable norms.
Terms and Conditions
- For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month.
- A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
- The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
- Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
- Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
- All resident Individuals can avail
- Loan shall be granted for general purposes like Personal, Consumption, Education, Health, Business, etc., other than speculative purposes.
- The property should be owned by individuals only and if owned jointly, all the joint holders of the property should join as Co-applicants.
- Pre-Mature Closure is allowed, subject to applicable norms.
- In principle sanction provided in 3 days subject to the satisfaction Income proof, CIBIL and rating score
- Loan Period available from 3 years to 7 years
- Avail Loan upto 60% of the Property value
- OD facility available
- CIBIL deviation is allowed to avail loan with proper justification.
- For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month.
- A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
- The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
- Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
- Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
Interest Rates Chart for Different Tenures
| Loan Amount | Minimum Rs 1.00 lakh, Maximum Rs 10.00 lakhs | ||
| Repayment Tenor | 3 Years to 7 Years (as per borrower convenience) | ||
| Processing Charges | 2.50% on Loan Amount + GST | ||
| Foreclosure Charges | 4% on Loan outstanding. | ||
| Legal & Technical | Rs 2000/- upto Loan Amount Rs 5.00 Lakhs Rs 4000/- for Loan Amount above Rs 5.00 lakhs | ||
| Primary Security | Equitable Mortgage of land & building in favoring CITO Nidhi Ltd | ||
| Collateral Security | Can be sought based on Property Value and Location. | ||
| Co-Applicant | Co-Applicant should be Spouse or any Blood relative acceptable to Bank. | ||
| Guarantee | A suitable Guarantor wherever a co-applicant is not available. | ||
| Loan Insurance Coverage | Mandatory to take the policy to the extent of loan amount with approved Insurance Company as SINGLE PREMIUM payable by the borrower (available if the borrower is interested). | ||
| Other Terms & Conditions |
|